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Should you buy a new house or and older house?

Tuesday, February 6, 2018   /   by Terri Bias

Should you buy a new house or and older house?

Is it better to purchase a brand spanking new house or one that has some mileage? The answer isn’t necessarily black and white for everyone. There are many things to consider while figuring out where you want to start planting your roots.


The Pros of a new house:

  • It’s probably not going to break and if it does you’re covered. It is less likely things will break because everything is, well, new. Most new homes also come with a warranty, meaning in the off chance something does break, you’re more than likely covered.
  • It’s easier to renovate when it’s still on paper. If you want to add rooms to your home, it’s a lot easier to erase and redraw some lines on a blueprint than it is to figure out how to attach a room to a fully constructed house.
  • Your bills will probably be cheaper. New technology usually means more efficient products. Better insulation, more energy efficient light bulbs, toilets that use less water, etc all mean that those monthly bills that everyone loves SO much may be less than in an older house.



The Cons of a new house:

  • The upfront cost is going to be bigger. You’re building a house (or buying one that was just built) and houses ain’t cheap. While the pros list may have sold you on a new house, it does come at a price. Newer parts of the house mean you pay the price for newer things, adding a room is still adding a room, and new technology is pricey.
  • The location may not be the best. Most shopping areas have been setup for a while and the houses that are going to be close to those centers have more than likely already been built. New houses will be built where there is space and that may mean driving to go to work or go shopping.
  • More taxes. A newer house is going to be worth more, meaning the county is going to want a bigger cut.



The Pros of an old house:

  • Probably cheaper. Pretty straight forward. All things the same, an older house is more than likely not as expensive as a newer one.
  • It’s probably closer to where you need to go. Which came first, the house or the store? Well it doesn’t really matter because they are close to each other either way. If you’re going to the store, work, or school it may be less of a drive. It means you can hit the snooze button a few more times.
  • Lower taxes. Everyone likes the new shiny toys more than the older ones. The county’s cut in taxes will likely be smaller on an older house.

 

The Cons of an old house:

  • You may need to fix some things. Not everything will be new, meaning there could be some potential fixer upper fees. It is more likely a pipe is going to burst on an older house than a new.
  • There is more of a chance that an older neighborhood may decline. Newer construction projects are a big investment for a company. They do research to make sure that they will not be sinking a large pile of cash into a bad area. Older houses may be more susceptible to declining areas.

 

Neutral:

  • There is one more thing to consider that is an entirely personal preference, but arguably the most important one. The feel of the house. Your home is your zen area, your dojo, your place where you crash after a long day. How do you want it to feel while living there? Older houses tend to have a more “relaxed personality” while newer ones are more “get up and go”. Your preference is entirely based and you as an individual but it is something to consider. You won’t find a cozy log cabin in the middle of Times Square and you won’t find a sky scrapper in the middle of a farmer’s field.
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